In recent years, the social capital has been believed as enterprise strategic resources by many scholars. Then, what effects of the social capital on the diversification and the capital structure strategy? In this paper, social capital is classified into the external social capital and internal social capital and enterprise performance into the overall financial performance and new product performance. On the basis of questionnaire survey, by an explorative analysis of factors, and by the structural equation model, the results show that the external social capital is helpful to realize the diversification and improve the debt level, however, the internal social capital has little effects; Diversification and capital structure indirectly effect the overall financial performance through effecting the new product performance; new product performance has a direct positive effect on overall financial performance. Therefore, the enterprises with higher external social capital are more likely to take high diversification and high debt strategy, which makes enterprise operation have more risk.
